Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Period Homes Ltd. v. Wallick

Judicial estoppel did not bar a Chapter 11/Chapter 7 debtor from bringing a breach of contract suit based on his failure to amend his schedule of assets since the debtor did not mislead the bankruptcy court or benefit from the omission of his claim.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

We granted certiorari in Wallick v. Period Homes Ltd., 252 Ga. App. 197 555 SE2d 863 2001, to answer this question: Does the doctrine of judicial estoppel automatically bar the debtor from bringing a breach of contract action when the debtor did not list the cause of action as a separate asset in its Chapter 11 schedule of assets Finding that the Court of Appeals was correct in answering this question in the negative, we affirm.

In 1991 Wallick began Chapter 11 bankruptcy proceedings. Among his scheduled assets were two lots located in Fulton County. As debtor-in-possession, he contracted with Christian & Associates now Period Homes for the sale of the lots for $800,000. Thereafter, Period Homes terminated the sales contract in a manner that Wallick alleges was improper and a breach of the contract. Wallick did not amend his Chapter 11 schedule of assets to include the potential breach of contract claim against Period Homes.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
Southeastern Legal Awards 2025
May 01, 2025
Atlanta, GA

The Daily Report is honoring those attorneys and judges who have made a remarkable difference in the legal profession.


Learn More
GlobeSt. Healthcare Real Estate 2024
December 02, 2024 - December 03, 2024
Scottsdale, AZ

Join the industry's top owners, investors, developers, brokers and financiers for the real estate healthcare event of the year!


Learn More
ThinkAdvisor LUMINARIES Awards 2024
December 11, 2024
Las Vegas, NV

This event shines a spotlight on how individuals and firms are changing the investment advisory industry where it matters most.


Learn More
Go to Events Go to Webcasts
ATTORNEY - REMOTE - NEW YORK

Experienced Insurance Defense Attorney.No in office requirement.Send resume to:


Apply Now ›
School Law Associate

We are seeking two attorneys with a minimum of two to three years of experience to join our prominent and thriving education law practice in...


Apply Now ›
Real Estate Litigation Associate - New York, NY

Description: Fox Rothschild has an opening in the New York office for a Real Estate Litigation Associate with three to six years of commerci...


Apply Now ›
Go to Lawjobs